Agra Car Loan

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Agra is one of the major cities in the state of Uttar Pradesh. Agra is a major hub with plenty of financial activities thanks to its prominence as a top tourist destination in the country. India’s top banks and non-banking financial corporations have operations there in the city. If you want to get a car loanin Agra, you can reach out to any of these top lenders and file an application. You may compare the offerings of various lenders in the market using the BankBazaar app and apply for one that suits your needs.

Lowest Car Loan Interest Rates in Agra

The interest rates charged by various lenders in Agra are listed as follows:

Best ways to get Lowest Interest Rates for Car Loans in Agra

If you are looking for a car loan, it is best to apply for it online. This way, you can check out the different offers in the market and make the right decision. Getting the lowest possible interest rate is a priority for most loan applicants. However, you must also focus on other factors like additional charges, service quality, loan tenure, etc., before choosing a lender. Though the other factors are important, interest rates still play a major role in bringing down the overall cost of car loans. The tips listed here can help you find car loans at a reasonable interest rate:

Credit score: Credit score is one of the most important factors considered by lenders while taking a loan. Even if the loans are secured, the credit score of the applicant is still an important factor to determine the risk associated with a loan. Lenders prefer individuals with a credit score of 750 and above. If you have a good credit score, you can easily find the best loan products at reasonable interest rates.

Steady income: All the top lenders in the market provide loans to their customers only after verifying their income. This applies to both salaried and self-employed individuals. Salaried applicants must be employed in their current job for at least one year. According to lenders, borrowers with a steady income are at low risks of defaults.

Debt-to-income ratio: This refers to the percentage of monthly income spent on paying EMIs. If this is significantly high, the risk of default is high for the lender. This is the reason why lenders offer low interest rates for people with a low debt-to-income ratio.

Income level: Most banks offer interest rate discounts for people with high monthly income. High-income earners typically have a great loan repayment potential. Hence, it is possible for these individuals to get loans at competitive interest rates.

Loan tenure: There are many lenders in the market who consider the loan tenure chosen by the borrower while determining the interest rates. This criterion varies among the lenders in the market. Some lenders offer low interest rates for high loan tenure. However, you need to choose your options carefully while applying for such loans as there is a chance of paying more in overall EMIs.

Vehicle model: If there is a default, banks have to recover the vehicle to get back their loan amount. Hence, they consider the vehicle model before setting interest rates for a borrower. Vehicles from a reputed manufacturer have a higher resale value, and lenders charge a lower interest rate for these models.

FAQs

How can I keep track of my car loan application?

If you have applied online, you can visit the website of the bank and use the application number to check the status instantly. You may also apply for a loan through the BankBazaar website or mobile application. Here, you can keep track of your car loan application status simply by visiting the website or mobile application.

Is it possible to make part pre-payment of my car loan?

There are only some lenders in the market who allow part pre-payment of car loans. You may have to check with the lender to know whether you can prepay part of your car loan amount.

Can I take a car loan to buy a used car?

Yes. Most banks in the market provide loans for the purchase of used cars. The interest rate, however, will be significantly higher when it comes to used cars. This is mainly because used cars have already depreciated a lot in market value, and they carry a higher risk for lenders.

Do I need to provide any security for getting a car loan?

No. Car loans are secured against the hypothecation value of the vehicle. Hence, there is no need to provide any security when you take one.

What is the best way to pay my EMIs for car loans?

There are many different payment modes offered by lenders for the repayment of car loans. You can pay your installments in cash or use post-dated cheques to clear your payments. However, the best mode of payment is the electronic clearing service (ECS) you can use to auto-debit your payments every month.

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